Instructions to students: This is not an individual assignment.
Weighting: 30% of overall subject mark
Total Marks: Written report (20 marks) + Video presentation (10 Marks) = 30 marks
Learning Outcome :
Research, and apply theoretical aspects of financial accounting and reporting to practical scenario(s).
Work in teams (groups) of 3-4 members. You may discuss the selection of teams with your lecturer, who may decide to allocate you into teams or he/she may decide to form teams using a random process. You must notify your lecturer of your teams by the Monday of week 3 and be prepared to be allocated into teams if the lecturer so decides. Any work which has been copied or shared between groups or teams will result in a Fail grade for all students concerned. So please make sure that the answer to this team assignment is your own work and not copied from any source.
Answer the questions below, in a maximum of 2,000 words. Next summarize your findings in a 9-12 minutes’ video presentation with each team member presenting for 3 minutes.
Task: ACCM4400 Auditing & Assurance Assignment
Assignment details: Written Report (20 marks)
Your team has been assigned with the audit of AMP Ltd for the year ended 31 December 2017. Review the audited annual reports including financial statements presented to the shareholders for the company noted below and answer the questions .
1) Conduct an analytical review on the financial statements of this company in the planning phase and identify areas of concern and how relevant accounts and assertions are impacted. Justify your answer. All calculations should be included as an appendix to the written report. (5 Marks)
2) You are now required to formulate the relevant audit procedures to respond to the areas of concern identified in Part (1) (5 Marks)
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Audit Quality is an ongoing debate in the profession both locally and internationally. Recently, KPMG in London was fined $4.3 million in regards to the audit of Quindell Plc. Similarly, in Australia the uproar of the recent Banking Commission have also led to questioning the rigor of the auditing profession. Using relevant academic journal, working paper series and publications made by the CAANZ and CPA Australia:
1) Explain your team’s understanding of the concept of Audit Quality (3 Marks)
2) Explain and identify at least 3 steps the accounting bodies have undertaken in Australia to improve audit quality. (3 Marks)
VIDEO PRESENTATION (10 marks): ACCM4400 Auditing & Assurance Assignment-Kaplan Business School Australia
Each member of the group delivers a 3-minute presentation to the overall video presentation. Each member takes the audience on a journey that chronicles their section of the written report. There is evidence the group’s presentation has been rehearsed. All group members have an active role to play in the presentation. Supplementary material, such as slides and visual aids, are of a professional standard.
In‐Text Referencing and the Reference List:
Sources of information must be cited both in the body of the text (in‐text referencing) and the end of the assignment (reference list). Failure to do so will result in penalties. Remember that when referencing an Annual Report, it is a corporate document that does not have a particular author but it will still require referencing any time you use information from it. Any other documents or books or other references you use will also require referencing.
Penalties Regarding Referencing:
No in‐text referencing – deduct 1 marks
Some in text referencing only – deduct 1 mark
No reference list – deduct 2 marks
Incomplete reference list – deduct 1 mark